Archer Aviation (NYSE:ACHR) Given “Buy” Rating at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Archer Aviation (NYSE:ACHR) in a report issued on Tuesday morning, Marketbeat Ratings reports. They currently have a $13.00 price objective on the stock.

A number of other equities analysts also recently commented on ACHR. Canaccord Genuity Group boosted their target price on shares of Archer Aviation from $13.00 to $13.50 and gave the stock a “buy” rating in a research note on Friday, February 28th. Raymond James boosted their target price on shares of Archer Aviation from $11.00 to $12.00 and gave the stock an “outperform” rating in a research note on Friday, February 21st. Finally, HC Wainwright reiterated a “buy” rating and set a $12.50 target price on shares of Archer Aviation in a research note on Friday, February 28th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $11.61.

Archer Aviation Stock Performance

NYSE:ACHR opened at $11.17 on Tuesday. The company has a fifty day simple moving average of $7.84 and a two-hundred day simple moving average of $7.95. The company has a market cap of $6.06 billion, a price-to-earnings ratio of -8.46 and a beta of 3.13. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. Archer Aviation has a 52 week low of $2.82 and a 52 week high of $12.48.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($0.30) EPS for the quarter, topping the consensus estimate of ($0.40) by $0.10. As a group, equities analysts anticipate that Archer Aviation will post -1.32 earnings per share for the current fiscal year.

Insider Buying and Selling at Archer Aviation

In other Archer Aviation news, CFO Mark Mesler sold 62,258 shares of the company’s stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total value of $479,386.60. Following the completion of the transaction, the chief financial officer now owns 630,243 shares in the company, valued at $4,852,871.10. This represents a 8.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Tosha Perkins sold 49,273 shares of Archer Aviation stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total transaction of $379,402.10. Following the completion of the transaction, the insider now directly owns 232,396 shares in the company, valued at $1,789,449.20. The trade was a 17.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 474,780 shares of company stock worth $3,581,581 over the last 90 days. Corporate insiders own 9.75% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

A number of institutional investors have recently modified their holdings of ACHR. EP Wealth Advisors LLC raised its holdings in Archer Aviation by 6.7% during the fourth quarter. EP Wealth Advisors LLC now owns 16,000 shares of the company’s stock worth $156,000 after purchasing an additional 1,000 shares in the last quarter. Harbour Investments Inc. raised its holdings in Archer Aviation by 54.7% during the fourth quarter. Harbour Investments Inc. now owns 3,097 shares of the company’s stock worth $30,000 after purchasing an additional 1,095 shares in the last quarter. Anchor Investment Management LLC raised its holdings in Archer Aviation by 58.3% during the fourth quarter. Anchor Investment Management LLC now owns 3,324 shares of the company’s stock worth $32,000 after purchasing an additional 1,224 shares in the last quarter. Sanctuary Advisors LLC raised its holdings in Archer Aviation by 4.7% during the fourth quarter. Sanctuary Advisors LLC now owns 27,740 shares of the company’s stock worth $257,000 after purchasing an additional 1,246 shares in the last quarter. Finally, Xponance Inc. increased its holdings in Archer Aviation by 8.5% in the fourth quarter. Xponance Inc. now owns 16,600 shares of the company’s stock valued at $162,000 after buying an additional 1,299 shares in the last quarter. 59.34% of the stock is owned by institutional investors and hedge funds.

About Archer Aviation

Archer Aviation Inc, together with its subsidiaries, engages in designs, develops, and operates electric vertical takeoff and landing aircraft for use in urban air mobility. The company was formerly known as Atlas Crest Investment Corp. and changed its name to Archer Aviation Inc The company is headquartered in San Jose, California.